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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: goldcat	7/12/2007 8:50:13 AM
	of 78417

Cameco Corp. Forecasts More Cigar Lake Delays – off the wires - Cameco's overhaul of its flooded Cigar Lake uranium mine will likely take months longer than previously expected, potentially delaying production to 2011, the company said after the close on Wednesday. The mine, which sits on one of the world's richest uranium deposits, flooded last year, putting additional pressure on global uranium supply as demand has soared. Cameco has been drilling holes down to the water inflow point to both pump in concrete and pump out water. It had hoped to have the mine pumped out by the end of the third quarter. "Cameco now expects it will require a number of additional months to seal the inflow and dewater the mine," the company said. It also said it was examining whether it might need to create an alternative route out of the mine and complete a second shaft to provide ventilation. Those changes could push back production from the previously expected start-up date of late 2010. Cameco, the world's No. 1 uranium supplier, said it will make a decision on the second shaft by the end of the year, and will next update the Cigar Lake progress when it releases second-quarter earnings on July 30.

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